Thursday, June 17 2010 14:08

Lending by banks up 81.4% for Jan-May 2010 in Armenia


ArmInfo. Lending by Armenian commercial banks for Jan-May 2010 versus the same period of 2009 grew 81.4% to 282 billion drams. In May versus April this indicator grew 27%.

ACRA National Credit Bureau told ArmInfo the share of loans to legal entities in total lending portfolio of Armenian commercial banks was 62.4% or 176 billion drams (up 87.5% over the year). Personal loans totaled 106 billion drams which was 72% more than for Jan-May 2009.

The number of loans provided by commercial banks grew 25% in May versus April 2010 and 34% versus Jan-May 2009 totaling 294763 loans. The share of personal loans was 290271, the remaining 4492 loans were provided to legal entities.

The source reported that ACRA Credit Bureau has databank on 3 million redeemed and 618,000 current loans as well as nearly 951,4 thousand credit histories (including 18,8 thousand histories of legal entities and 932,5 thousand histories of individuals) as of April 1 2010.

As of June 1 2010, the banking sector encompassed 22 commercial banks.

ACRA Credit Reporting" CJSC, the first private credit bureau in Armenia, was founded in January 2004 by Credentials Inc. The shareholders of the company are the Central Bank of Armenia (10%), 17 commercial banks, First Mortgage Company, Dun & Bradstreet International LTD and other companies. All the 22 commercial banks in Armenia and most of the loan companies use ACRA's services.
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